本文選題：現(xiàn)金持有　切入點：融資約束　出處：《南京大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：出于預(yù)防動機的貨幣資金持有與公司面對的融資約束水平關(guān)系密切,貨幣政策、融資生態(tài)環(huán)境以及公司異質(zhì)性特征等均可以通過改變?nèi)谫Y約束水平來影響公司的貨幣資金持有行為。事實上,融資約束可從兩個維度來理解,即外部融資環(huán)境與企業(yè)外部融資能力。貨幣政策。地區(qū)金融發(fā)展程度等主要是通過改變公司外源融資生態(tài)環(huán)境來作用于貨幣資金持有的策。"預(yù)防性動機",公司的異質(zhì)性特征更多的是反應(yīng)不同的企業(yè)融資能力是如何作用于"預(yù)防性動機"。本文選取2012年一季度至2016年二季度A股上市公司的季度數(shù)據(jù)為研究樣本,構(gòu)建了1519家公司的平衡面板數(shù)據(jù),并且采用了固定效應(yīng)模型作為實證工具。以廣義貨幣量M2的同比增速為貨幣政策的度量指標,以貨幣資金的季度調(diào)整變化為被解釋變量,分析了宏觀貨幣政策對企業(yè)貨幣資金持有行為的影響。進一步的,從地區(qū)金融發(fā)展、產(chǎn)權(quán)特質(zhì)、資產(chǎn)多寡等角度出發(fā),將樣本公司分類為高融資約束程度公司和低融資約束程度公司,考察不同融資約束條件下貨幣政策對企業(yè)現(xiàn)金持有行為的不同影響。本文主要研究結(jié)論如下:貨幣經(jīng)濟政策趨緊時,公司傾向提升貨幣資金持有水平;銀根緊縮時,區(qū)域金融發(fā)展程度低的公司現(xiàn)金調(diào)整幅度較高,區(qū)域金融發(fā)展程度高的公司現(xiàn)金調(diào)整的反應(yīng)不敏感;緊縮性貨幣政策下,民營、資產(chǎn)少的公司現(xiàn)金調(diào)整幅度較高,國資背景、資產(chǎn)多的公司現(xiàn)金調(diào)整的反應(yīng)不敏感�？偟膩碚f,公司貨幣資金持有水平對貨幣政策的反應(yīng)程度與其面臨的融資約束條件密切相關(guān),與低資本約束的公司相比,高資本約束公司的現(xiàn)金持有水平對貨幣政策的敏感度更強。
[Abstract]:The holding of monetary funds motivated by prevention is closely related to the level of financing constraints faced by companies. Financing ecological environment and corporate heterogeneity can affect the behavior of money holding by changing the level of financing constraints. In fact, financing constraints can be understood from two dimensions. That is, external financing environment and enterprises' external financing ability, monetary policy, regional financial development degree and so on are mainly by changing the external financing ecological environment of the company to act on the policy of monetary fund holding. "precautionary motive", the company's. The heterogeneity is more about how different firms' financing ability acts on "precautionary motivation". This paper selects the quarterly data of A-share listed companies from the first quarter of 2012 to the second quarter of 2016 as the research sample. The equilibrium panel data of 1519 companies are constructed, and the fixed effect model is used as an empirical tool. This paper analyzes the influence of macro-monetary policy on the behavior of money holding in enterprises. Further, from the perspective of regional financial development, property characteristics, amount of assets and so on, The sample companies are classified into high financing constraint companies and low financing constraint companies. The main conclusions of this paper are as follows: when the monetary policy becomes tighter, the company tends to raise the level of money holding, and when the monetary policy is tight, the firm tends to raise the level of money holding. The company with low level of regional financial development has a relatively high rate of cash adjustment, while the company with high degree of regional financial development is insensitive to the response of cash adjustment; under the tight monetary policy, the private company with less assets has a higher range of cash adjustment, and the background of state capital, Generally speaking, the level of monetary fund holding of a company is closely related to the financing constraints it faces, compared with that of a company with low capital constraints. High-capital-constrained companies' cash holdings are more sensitive to monetary policy.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F822.0
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本文編號：1589233